Love Funding Secures $8.56 Million Construction Loan for Fla. ALF
Love Funding recently closed an $8.56 million loan for the construction and permanent financing of Viera Manor Assisted Living Facility, a new senior living center in Viera, Fla., meant to provide housing for U.S. veterans.
Laura Saull-Smith, a senior director at Love Funding out of its Washington office, secured the loan using HUD’s Section 232 loan insurance program.
Berkadia Arranges $26 Million Financing for Texas Senior Housing Portfolio
Berkadia Commercial Mortgage LLC recently arranged $26.1 million in financing for Capital Senior Living’s four-property portfolio of senior housing communities, located across Texas.
Lisa Lautner, a senior vice president with Berkadia, worked with Fannie Mae to obtain 10-year, fixed-rate financing for Capital Senior Living’s property acquisition.
The portfolio consists of communities offering independent, assisted, and Alzheimer’s services; they are located in Arlington, College Station, Conroe, and Stephenville, Texas. All four properties were renovated between 2010 and 2011, and have an average occupancy rate of 92%.
Berkadia completed the loan 60 days after the origination, meeting the borrower’s timeframe.
“We are pleased to once again assist Capital Senior Living with its financing needs as it continues to acquire quality assets and expand its regional presence,” said Lautner. “They are a premier operator in our industry and we are proud to be one of their financial partners.”
Cain Brothers Completes $14.2 Million Bond Refinance for Elder Care Alliance
Long-time Cain Brothers’ client, Elder Care Alliance of Camarillo. Ca., recently closed a $14.2 million loan to refinance its outstanding Series 2000 variable rate demand bonds. Cain Brothers structured the new loan as a conventional taxable loan insured through FHA’s Section 232/223(f) program, used to refinance debt of licensed levels of senior care facilities, including assisted living, memory care, and skilled nursing.
Elder Care Alliance of Camarillo operates 60 assisted living apartments and 18 memory care units that were built using tax-exempt, variable rate bonds, supported by a bank letter of credit with further support for a third-party guarantor. Even with this guarantor, says Cain Brothers, the operator had to periodically revisit the bank letter of credit’s renewal, and the situation became “even more severe” in the past two years thanks to the global debt crisis.
The refinancing loan allows Elder Care Alliance of Camarillo’s debt structure to lock in at a fixed, all-time low rate of 3.00% for 35 years.
Cambridge Realty Capital Arranges $11.3 Million of Financing for Chicago SNF
Cambridge Realty Capital Companies recently closed on a $11.3 million HUD Lean loan to refinance Columbus Park Nursing and Rehabilitation Center, a 216-bed skilled nursing home located in Chicago, Ill.
The fully-amortized, 30-year term loan was arranged for the property’s owner, an Illinois limited liability company, said Cambridge Chairman Jeffrey Davis. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois; its interest rate was not disclosed.
KeyBank Provides $15.7 Million to Refinance REIT Acquisition Portfolio
KeyBank Real Estate Capital recently closed on a $15.7 million, 10-year fixed-rate Freddie Mac loan to Care Investment Trust, a healthcare real estate investment trust based in New York, to repay an interim bridge loan used to acquired three Virginia assisted living communities.
The transaction allowed Care Investment Trust to refinance the loan and lock in an attractive interest rate for a 10-year term for the following communities, all of which are operated by Greenfield Senior Living through a triple-net lease:
- Greenfield of Berryville, a 48-unit assisted living community located in Berryville, Va.
- Greenfield of Fredericksburg, a 26-unit assisted living community located in Fredericksburg, Va.
- Greenfield of Stafford, a 44-unit assisted living community located in Stafford, Va.
Beech Street Capital Closes $4.3 Million Refinance for Ill. SNF
Beech Street Capital, LLC recently provided a $4.3 million loan to refinance an Illinois skilled nursing facility using HUD’s Section 232/223(f) program.
Joshua Rosen, executive vice president of Beech Street Capital, worked on the transaction out of the firm’s Chicago office.
“This deal highlighted the tremendous strength of our underwriting team – our submission package held up wonderfully to HUD’s review during processing, and it was only a matter of days before our loan received approval,” said Rosen. “The new debt service payments will have an immediate positive effect on the facility’s bottom line, something that is especially important here in Illinois, where the state is currently several months behind in its payments.”
Evanston Nursing & Rehabilitation Center is a 57-bed facility located in Evanston, Ill.